Co-movers

daily closes · 500dMethod

Moved together

FLYWwithV

×0.12co-movement · V on FLYW · 500d

r 0.29scale to r 0.75

Shared co-movers1with FLYWwith V

GPNGlobal Payments Incr 0.36r 0.55

FLYW, solidV, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

FLYWFlywire Corp

21.26· pre 21.26· delayed

Mkt cap$2.6BRevenue$250MQ3 FY26Revenue$623MFY25

VVisa Inc.

422.52· pre 415.28· delayed

Pre-marketNov 6 '26delayed

Mkt cap$759.3BRevenue$12.1BQ4 FY26Revenue$45.9BFY26

vs

Compare

Pre-marketNov 6 '26delayed

FLYWFlywire Corp

vs

VVisa Inc.

21.26pre 21.26delayed

Price

422.52pre 415.28delayed

$2.6B

Mkt cap

$759.3B

Q3 FY26$250M

Revenue

$12.1BQ4 FY26

FY25$623M

Revenue

$45.9BFY26

FLYW compared with V: revenue, margins and what each company keeps, and the suppliers and customers both name